2. Stora Enso in brief
• Stora Enso is a forest products company
producing newsprint and book paper,
magazine paper, fine paper, consumer
board, industrial packaging and wood
products
• 12.7 million tonnes of paper and board
• 6.9 million m3 of sawn and processed
wood products
• Sales 2008 EUR 11.0 billion
• Approximately 29 000 employees in more
than 35 countries
• Market capitalisation EUR 4.4 billion
• Shares listed on Helsinki and Stockholm
stock exchanges
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3. Key figures
EUR million 2007 2008
Sales 11 849 11 029
Operating profit* 1127 319
% of sales* 9.5 2.9
Profit before tax and minority
970 152
intrests*
Profit for the period 13 -679
Earnings per share (EPS)*, EUR 0.94 0.18
ROCE *, % 11.3 3.4
*) excluding non-recurring items
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4. Group Executive Team
CEO
Jouko Karvinen
CFO Technology & Strategy
Markus Rauramo Bernd Rettig
Wood Supply, HR,
Sustainability
Elisabet
Salander Björklund
Publication Paper Fine Paper Packaging Wood Products
Juha Vanhainen Hannu Alalauri Mats Nordlander Hannu Kasurinen
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6. Breakdown by location
Number of employees Paper and board capacity
1% 1%
12 %
17 % 1%
3%
33 %
5% 42 %
14 %
5%
7%
10 %
21 % 28 %
Finland Sweden Germany Finland Sweden Germany
Poland Russia China China Brazil Other countries
Other Europe Brazil Other countries
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7. Breakdown by segment
2008, continued operations
Sales, EUR 11 029 million Operating profit, EUR 319 million*
(Share of Group’s operating profit)
19% 19%
18%
14%
13%
41%
9%
8% 31%
26%
23% 21%
-20% -22%
Newsprint and Book Paper Magazine Paper Fine Paper
Consumer Board Industrial Packaging Wood Products
Other *)excluding non-recurring items
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8. Ownership by distribution
31 Dec 2008
% of shares % of voting power
13 %
15 %
21 %
4%
12 %
3%
46 %
2%
13 % 25 %
30 %
3%
11 % 2%
Finnish Institutions Finnish state Finnish private shareholders
Swedish institutions Swedish private shareholders ADRs
Under nominee names (Non-Finnish/ Non-Swedish shareholders)
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10. What we do
Publication paper Fine paper
• Newsprint and book paper: standard • Graphic paper (art books, upmarket
newsprint, imroved newsprint, and magazines, catalogues)
directory and book paper • Office paper (document printing
• Magazine paper: super-calendered, paper, envelope paper, business
uncoated machine-finished, machine- forms, note pads etc.)
finished coated, and coated
magazine paper
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11. What we do (continued)
Packaging Wood products
• Consumer board: liquid packaging • Value added products for the
board, food service board, construction and joinery industries
cartonboard and graphical board • Sawn and processed wood products
• Industrial packaging: corrugated to timber retailers, merchants and
packaging, containerboard, cores and importer-distributors
coreboard, laminating paper, paper
sacks, sack and kraft paper
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12. Newsprint and Book Paper
Products
• Standard newsprint, imroved newsprint,
and directory and book paper.
Capacity
• 3.0 million t/a
12
13. Newsprint and Book Paper
Varkaus
Anjala
Kvarnsveden
Hylte
Langerbrugge Sachsen
Maxau
Newsprint and Book Paper
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14. Magazine Paper
Products
• Super-calendered (SC), uncoated
machine-finished (MF), machine-
finished coated (MFC), and coated
(LWC, MWC, HWC) magazine paper.
Capacity
• 3.0 million t/a
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15. Magazine Paper
Veitsiluoto
Kvarnsveden Kotka
Langerbrugge
Kabel
Corbehem
Maxau Dawang
Arapoti
Magazine Paper
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16. Fine Paper
Products
• Graphic paper (coated fine paper) is
used in art books annual reports,
upmarket magazines and catalogues.
Office paper (uncoated fine paper)
products include document printing
paper, digital paper, envelope paper,
business forms and paper used in
school notebooks and writing pads.
Capacity
• 3.2 million t/a
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17. Fine Paper
Veitsiluoto
Oulu
Varkaus
Imatra
Nymölla
Mendelsham Uetersen
Antwerp
Suzhou
Office papers
Graphic papers
Sheeting plant
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18. Consumer Board
Products
• Liquid packaging board, food service
board, cartonboard and graphical
board.
Capacity
• 2.5 million t/a
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19. Consumer Board
Imatra
Fors Karhula Ingerois
Forshaga Skoghall
Barcelona
Consumer Board
Plastic Coating Plants
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20. Industrial Packaging
Products
• Corrugated packaging, containerboard,
cores and coreboard, laminating paper,
paper sacks, sack and kraft paper.
Capacity
• Corrugated packaging 1.5 billion m2
• Cores 0.3 million t/a
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22. Wood Products
Products
• Mass-customised, value-added
products for industrial end-uses. These
include glue-laminated, stress-graded
and finger-jointed products and
components for the construction and
joinery industries. Sawn and processed
wood products to timber retailers,
merchants and importer-distributors.
Capacity
• Sawn timber 6.9 million m3 of which 3.2
million m3 value-added products
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23. Wood Products
Veitsiluoto
Uimaharju
Varkaus Kitee
Tolkkinen Impilahti
Ala Honkalahti
Kopparfors Kotka Nebolchi
Imavere Näpi
Gruvön
Launkalne
Alytus
Amsterdam Swietajno
Murów
Plana
Zdirec
Pfarrkirchen Brand
Ybbs Sollenau
Bad St. Leonhard
Wood Products
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25. Major Structural Changes
Arapoti acquisition
Schneidersöhne Group acquisition
Start-up of Veracel Pulp Mill (joint venture) 2008
Papeteries de France acquisition 2007
2006
Scaldia Papier acquisition
Intercell acquisition Closing of Summa Mill,
Sylvester acquisition 2005 Kemijärvi Mill,
Norrsundet Mill, Baienfurt
Consolidated Mill and Paikuse sawmill
Papers 2004
acquisition Divestment of Papyrus
Divestment of Swedish
2002 forest holdings Closing of Berghuizer Mill,
Divestment of Finnantara Reisholz Mill and Sauga Mill
2000 plantation
Divestment of Stora Enso
1999 Divestment of Finnish forest holdings North America
1998 Sale of power assets outside mills
Stora Sale of Wolfsheck Mill, Celbi Pulp
Gruvön Mill ->Billerud
Enso Mill, Pankakoski Mill, Linghed Mill
Sale of Tervakoski Mill and Grycksbo Mill
merger Sale of Dalum Mill
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26. Paper Industry Concentration
The paper industry is still relatively fragmented, with top five firms
controlling about 20-40% of the regional capacity
C(5) %
50
1997
2009
40
30
20
10
0
North America Western Europe Asia Latin America World
Source: Pöyry C(5) = combined share of top five firms
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27. Long-term Demand Growth by Region through 2025
Paper and Paperboard
Demand growth, %/a
7
India
6
5 China Russia
Middle East
4 Africa
Eastern Europe
3 Latin America
Rest of Asia
2
Average 1.9%/a
1 Oceania
Western Europe
0
North America Japan
-1
0 20 40 60 80 100
Share of consumption in 2006, %
Source: Pöyry
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